Bayer signs deal worth close to $66 billion to buy Monsanto: source

September 14, 2016 10:01 AM

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NEW YORK Bayer won over Monsanto's management with a $128 per-share cash offer to acquire the global seed market leader, a person familiar with the matter said, in a move to command more than a quarter of the combined world market for seeds and pesticides.

Bayer has signed a deal that includes a fee of $2 billion should the transaction fail to get regulatory clearance as planned, the person said. The deal is expected to close by the end of 2017, the source told Reuters on Wednesday.